Mitsubishi is becoming much more aggressive regarding future EV sales in its home market of Japan. Currently Mitsubishi’s i-MiEV sells for 3.98 million yen which equals $49,200. Government subsidies bring the price down a million yen equalling $36,900. The i-MiEV’s chief rival, the Nissan Leaf costs 3.76 million yen which equals $46,500 before subsidies and is the more popular choice compared to the Mitsubishi.

However, Mitsubishi will slash a million yen off the i-MiEV’s retail price to improve sales, bringing down the price to around 2 million yen or $24,700. The big savings are coming from a smaller battery. The existing model was good for 160 km (100 miles) per battery charge whereas the new model can only travel 120 km (75 miles). The Leaf can achieve only 100 miles per charge.

Prices in the United States are much cheaper, with the 2012 i-MiEV selling for $27,990 before the Federal $7,500 EV tax credit and state incentives. California and Hawaii go a step further with rebates, and in EV can be picked up for as low as $15,500 in these locales.